Cotton

HISTORY OF AMERICAN CURRENCY. 121 COTTON. The effect on cotton is the one which most interests us. The average prices for the year 1833 were, ill-and 13J-cents, and for 1834, 11^ and 13$. For 1835 the prices were : Jan. Feb. March. April. May. June. July. 15-18 I5-I7 15-17 I5-l8 16-I9 17-19 I7-2O Aug. Sept. Oct. Nov. Dec. Average. T7-I9 17-19 15-18 I4-i8 14-16 15^-18 This was at a time when the supply was increasing both from this country and from India, but it was now certain that cotton was to be the great American staple until the abolition of corn laws in Europe. Even at this time there was a duty of 3 cents per lb. on cotton, levied in 1790 to secure the " home market." It therefore appeared that the Southern cities were to see great prosperity as cotton markets, and at Mobile especially the speculation in real estate was great. To borrow Grosvenor's fig6 I22 HISTORY OF AMERICAN CURRENCY.